Insurance Joint-Stock Company "Balta"
|Annual Accounts for 2007|
1992 28th january
Latvia’s first insurance company – the state-owned insurance company LATVA – was re-established.
BALTA became the largest insurance company in Latvia in terms of premiums and the largest in the Baltic States in terms of paid equity capital.
BALTA increased its equity capital to LVL 3 million. The US investment company New Century Holding and its subsidiaries became important BALTA shareholders.
At the beginning of the year, the Danish insurance company Codan, which is part of the largest British insurance group, Royal & SunAlliance, purchased 73.5% of capital shares in BALTA.
Balta’s gross insurance premiums reached a level of LVL 32.64 million in 2005 – 18.4% more than in 2004. Gross compensation increased by 42% over 2004 – LVL 16.23 million.
At present it is the largest insurance company in Latvia whose client range exceeds 500 000 private and corporate clients. Clients are such big Latvian companies as Latvenergo, Latvian Shipping Company, the Central Bank of Latvia, Grindex, Latvian Plywood, Rigas Miesnieks, Skonto and others. Insurance services to the clients are provided by 35 Balta’s branch offices, more than 700 agents and 500 full-time staff, as well as policy sales points in banks, petrol filling stations, supermarkets, border points and other sites. The major AAS Balta shareholder is the Danish insurer Codan (99.98%).Codan is a group company of the UK leading insurance group Royal & SunAlliance.